Used Electric Car Prices Have Dropped Considerably: Many Models $25,000 Cheaper

Published on August 28, 2024By Laura M. (Contributor)

Over the summer, prices plummeted for several models popular on used-electric-car lots. The price has fallen on certain used EVs by as much as $25,000 below their original sticker—so now is a good time for the budget-conscious to think about plugging in. That makes the price drop an opening for more people to take advantage of clean, electric driving without a considerable up-front cost. We examine the causes of this price erosion and share some insight on which models are getting devaluated most, along with how you can benefit from it.

1. The Reason For Falling Used Electric Car Prices 7.

Several reasons have led to this large decrease in the prices of used electric cars.

As noted by Autotrader, the increased supply of used EVs — as more owners choose to update their cars or enjoy new models with an extended range. The law of supply simply suggests that an increase in quantity supplied will, naturally, result to a decrease in prices — and we can expect dealerships or private sellers to part ways with excess inventory at the quickest time possible.
Electric Vehicles are Rapidly Evolving: We have new models coming out every year with more range and faster charging times, greater capabilities on the road. This in turn leads to faster depreciation of older EVs, as buyers shop for the latest tech and used models get marked down heavily.
Government incentives: There's a good chance the EVs you considered benefited from generous government incentives when new, but those may not apply to used models. Those programs can affect both the purchase price and, info from our colleagues at Consumer Reports suggests that they also regulate how much electric cars hold after as used.
Economic Variables: The general economy with increasing interest rates and inflation has caused some consumers to be more careful when spending money especially for high ticket items like vehicles. This has served to temper demand in the used car market more generally, leading to lower prices.

2. Which Models Will Have the Largest Price Drops?

Most electric vehicles are pretty cheap right now, but here's a couple that really stand put on this month's list of price drops:

Tesla Model S: The car that kickstarted the Tesla revolution so naturally has plummeted on price in its used market. Previously, older Model S vehicles would often only be available for a few thousand dollars less than new models with more advanced features however once those newer versions have hit the market – and especially if said older examples happened to high-mileage ones too -- their pricing has fallen by as much as $25,000 off its original ticket price.
Nissan Leaf: The Nissan No cost, which is often one too the most accepted along with numerous created workable second hand EVs recently been badly cut [Photo credit — Autoline Detroit] Cheap older models with worse range make the Leaf a good choice for anybody who wants an affordable ticket to driving on electrons.
Chevrolet Bolt EV: Another practical design with a long range, the Chevy Bolt EV has also been marked down in price. Now that updated models are being advertised with ranges even further than those of the first Bolt and newer features, these older Bolts still exist in used markets for a fraction their MSRP.
BMW i3: With a snazzy design and luxury interior, the BMW i3 has finally reached a price level that makes sense in the classic market. With its unique look, this quirky little EV provides luxury on the cheap compared with new.
Audi e-tron: The price of the luxury electric SUV Audi e-tron has also fallen massively. While it was initially sold as a premium car, used examples are now within reach at more reasonable prices and deliver both luxury motoring and electric performance.

3. From a used EV buyer perspective, here is how you can take advantage of falling prices.

If you are thinking of buying a second-hand electric car, then this is a great time to buy. How to harness these falling prices for the maximum benefit?

Do Your Homework: First and foremost research the several models available, compare factors such as price. Make use of Autotrader, Cars. com, along with Kelley Blue Book to check prices and find the deals. Check the range, battery health and features of each so you can be more at peace with what you're paying for.
Inspect the Battery Health: The battery is an electric cars most crucial part and RELIABILITY of a battery plays its role in determining how safe it Is to buy used EVs. Request a battery health report or get it checked by an expert to ensure that the electric car batteries are working as they should. Battery warranties come with some EVs, adding an extra layer of peace to the technology.
Look into Certified Pre-Owned (CPO) Choice: Examine for licensed used EV applications from producers. Our vehicles have undergone a complete inspection, reconditioning and taken to market still with extended warranties. CPO models will cost a bit more, but they represent peace of mind for drivers considering converting to electric.
Search for financing and incentives: While used, you may still find favorable terms since dealerships or manufacturers will be looking to move inventory. What´s more, look into what type of benefits your state or region might afford you as well for purchasing a used electric car. Those can also help with the net price.
Take It for a Spin: As is true more than ever with electric vehicles, where test driving should match expectations. Consider the vehicle's range, comfort and tech features as well as its driving dynamics. In addition, testing multiple models by different brands to find out which one meets your requirement that too at the best value.
The pandemic and overall slump in the economy give you some room to negotiate. Finally, if you feel comfortable doing so — bring a case! The worst that they can say is no but it has worked on my benefit many times and there have been occasions where i've gotten new video games to play with the system itself. Bring your due diligence to the table when negotiating

4. Purchasing a Used EV Today and Its Long-Term Benefits

Buying a used electric car doesn't just mean lower prices, but there are several long-term benefits to it as well.

Reduced Total Cost of Ownership: In most cases, electric vehicles have reduced maintenance costs compared to traditional internal combustion engine (ICE) as they use fewer wear and tear parts along with no oil changes. A used EV can offer buyers significant savings by having a lower initial price than new.
Carbon Footprint: You do your part to ensure a cleaner planet by going green in used electric cars. That said, used EVs do produce no tailpipe emissions, and every vehicle manufactured has embedded environmental impacts — so sold one less lightens them.
Tech: While some current ICE vehicles pack tech like stop-and-go cruise control, older EVs often feature things that were out of normal cars' grasp until the last few years—regenerative braking or other ADAS niceties aside from Teslas and adaptive suspension systems come to mind. This boosts the capacity for modern technology, and at affordable rates!
Resale: Hinging on the broadening used electric vehicle market. It may even mean that a used EV purchased inexpensively now could appreciate in value as vehicles without an electric powertrain become more of a niche market.

5. What you should remember before purchasing

So used electric cars are a great second-hand purchase LPymnt — but while the following infographic details all of them, there's three considerations in particular to keep on your mind.

Charging infrastructure: make sure you have access to easy charging solutions whether it be at home on a charge station or public in your area. Verify the power compatibility of the vehicle with that available in your chargers.
What To Look For Range Requirement: Evaluate your average daily drives and make sure you purchase a car that will get you back home each night without needing a charge. The range of older EVs can be much shorter so it is essential that the battery will power your drive cycle and not continually require a re-charge.
Electric vehicles are some times cheaper to insure because of their safety features, but it is highly recommended that you research these before considering buy one.

Now is as good a time as any to make the switch to electric.

Prices for used electric cars have fallen by a long way, too, so it's an ideal time to dip your toe into the EV market. So, to put it bluntly, if you want a more affordable EV or PHEV then there has never been a better time than right now due to the current climate.

With some research, planning and haggling you could land a used EV that is both fantastic value for money and wonderful to drive. With the push toward electric vehicles ever increasing, this opposite trajectory provides an excellent opportunity to capitalize–not only with setting a trend towards carbon reduction but by helping your pocketbook at the same time.